IFC to invest in healthcare facilities in Turkey
The International Finance Corporation (IFC), a member of the World Bank Group, announced a new bond issuance in Turkey. The EUR 80 million bond will be used to fund healthcare facilities in Turkey’s Elazığ province.
According to World Bank Group officials, the bond will mature in 20 years and will reach EUR 288 million in total. This financing method is unique in Turkey as it is the first project bond financing of a hospital under a public-private partnership scheme. The bond is also the first green project bond in Turkey.
The proposed healthcare facilities in Elazığ covered by this bond are part of Turkey’s broader city hospitals project. Within the scope of that project, 29 city hospitals with a combined capacity of 41,000 beds will be built by 2019 in Turkey at a total investment cost of TRY 30 billion. IFC officials said that successful issuance of the bond will allow other healthcare projects to generate similar long-term financing opportunities.